'Top-level Summit Affirms HK's Financial Hub Status'

Finance secretary Paul Chan on Tuesday said a summit to be attended by top-level business executives affirms Hong Kong's status as a global financial hub.

His remarks come as the event's organisers, the Hong Kong Monetary Authority, said the event will go ahead even if the number eight storm signal is in effect, with severe tropical storm Nalgae bearing down on the SAR.

The gathering brings together top bankers and asset managers, as well as leaders in the private equity, hedge fund, and financial technology fields, many of whom attended a gala dinner at the M+ Museum on Tuesday evening.

The formal discussions begin on Wednesday, with the Governor of the People's Bank of China, Yi Gang, a late addition to the list of speakers. He and other state regulators will take part in recorded interviews moderated by Monetary Authority head Eddie Yue.

However Timothy Armour, CEO of the American asset manager Capital Group, has joined the list of participants dropping out for health reasons.

Finance chief Paul Chan, who returned to Hong Kong from Qatar after testing negative for Covid for two days, said this was understandable.

"Regarding the four people who couldn't come, it's understandable because some of them have caught Covid," he said.

"However, those who are coming...are the highest-ranking leaders from finance firms. Actually, their presence can show their positivity about Hong Kong's status as a financial centre and its investment opportunities."

The government announced late on Tuesday evening that Chan would attend the summit but not join a banquet afterwards.

Authorities said in a statement that health officials had assessed the finance secretary's case and his PCR test. They said he had recovered from Covid and therefore did not need to be isolated.

The Hong Kong Monetary Authority had earlier said the summit is a sign to the rest of the world that Hong Kong is reconnecting and reopening.

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